Video: Ron Paul/Peter Schiff: The Campaign For Liberty

If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before--like the philosopher’s stone that could turn lead into gold. Prosperity without work is a dream of the ages.-Congressman Ron Paul, The Austrians were Right November 20, 2008

(hat tip:Barry Ritholtz)

A Video Account of A Contrarian's Ordeal: Peter Schiff Was Right in 2006-2007!

Mr. Peter Schiff of Euro Pacific Capital is an iconoclast economist who subscribes to the Austrian school of economics and has served as economic adviser to Ron Paul’s presidential campaign in the recently concluded elections, and has been one of the grizzly bears who successfully predicted today’s crisis during the boom days of 2006-2007.

The purpose of my posting this video is to show you how contrarians suffer from the ordeal of challenging mainstream or popular thinking at the risk of being mocked, heckled and or excoriated. But of course, Mr. Schiff gets sweet vindication overtime. (Hat Tip: Robert Murphy)

Lesson: Be wary of mainstream or popular views. Most of the popular thinking have been influenced by an oversimplified comprehension of complex problems, the “rear view mirror syndrome” outlook or the “ticker tape performance” outlook where recent performance are interpreted as tomorrow’s outcome.

Enjoy!